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Petrofac provides trading update


Petrofac released a trading update ahead of the announcement of its interim results for the six months ending 30 June at the end of August.

According to a company statement, operations were performing in-line with expectations and that good progress to date on the second phase of the South Yoloten project in Turkmenistan and Petrofac are progressing well with their recent awards, for Shell on the Majnoon field in Iraq and for In Salah Gas on the development of their southern fields in Algeria.

Order intake in Q1 2011 stood at US$2.1 billion, including the award of our second contract in Iraq, for maintenance services on BP’s Rumaila oilfield.

On the company financials, the statement showed that the group’s backlog was approximately US$11.4 billion at 30 June 2011 (31 December 2010: US$11.7 billion) and the gross cash balances stood at US$1.7 billion at 30 June 2011, compared to US$1.1 billion at the end of 31 December 2010.

Ayman Asfari, Group Chief Executive, commented: “We have had a successful first half of 2011. We have secured orders in the year to date of US$2.1 billion, including new awards in Algeria and Iraq, where we have recently secured our second award, to provide maintenance services for BP on the Rumaila oilfield.”

“We are well on course to deliver like-for-like net profit growth in 2011 of at least 15 per cent, in line with our previous guidance,” Asfari added.